SA theme park proprietor sees large drop in attendance

SAN ANTONIO – Fiesta Texas guardian Six Flags Leisure Corp. is on a curler coaster experience and a few shareholders could also be trying to hop off the practice if the Arlington-based firm can’t right the steep hit in park attendance.

4 million fewer visitors visited Six Flags parks within the lately accomplished third quarter than throughout the identical interval a yr in the past. Over the primary 9 months of this yr, the corporate’s turnstile rely is down by 5.5 million clients.

Six Flags management attributes the steep decline in attendance to elevated ticket costs, in addition to the elimination of free and closely discounted tickets.

Regardless of the trigger, Six Flags income fell 21% to $505 million for the third quarter. The corporate’s internet revenue of $116 million was down 26% from the identical three-month span in 2021.

Six Flags inventory was buying and selling at $21.73 at press time on Nov. 10 after the inventory market closed — up $2.59 per share over the day past’s market closing worth however however lower than half the worth of its 52-week excessive, which was $47.24 per share.

Fiesta Texas, initially owned by USAA, opened in 1992 within the La Cantera master-planned growth. A couple of years later, the 200-acre park turned a part of a Six Flags portfolio that’s since undergone a number of possession modifications.

Six Flags CEO Selim Bassoul, who bought the job almost a yr in the past, stated this was a yr of “transition” for the group and it’ll take time to realize his “formidable targets.”

“These are among the worst performances for 1 / 4 I’ve ever seen at Six Flags,” stated Dennis Speigel, CEO of Worldwide Theme Park Companies Inc., an trade administration and consulting agency. “You want to spin the turnstile. There appears to be no rhyme or purpose for what is occurring inside this firm.”

Editor’s word: This story was printed by way of a partnership between KSAT and the San Antonio Enterprise Journal.

Read the full story on the San Antonio Business Journal.

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